"I wish to pay tribute to his leadership in making Wind Mobile the official alternative to the 'Big three' incumbents in Canada," he said in a statement.

If the deal is approved, Orascom would also have a 65.1 per cent voting interest in Wind Mobile, aligning its voting interests with its ownership stake.

Lacavera said he'll still have an economic stake in Wind Mobile and will stay on in his role until the deal closes. He didn't release any financial details of the agreement.

'Unbelievable' regulatory battle

He now plans to start a venture capital company focused on telecom, technology and media, saying there's not enough capital available to young entrepreneurs.

Lacavera recalled the hurdles that Wind Mobile faced since its launch.

"It's just been an unbelievable battle with the regulatory and legal challenges we faced," he said.

"I am really proud of the competition that I've brought to the Canadian wireless industry."

Wind Mobile had a two-year legal battle focused on whether it met the test for Canadian ownership and control when it entered the market. That argument was put to an end last spring by the Supreme Court of Canada.

The Canadian Radio-television and Telecommunications Commission prevented Wind Mobile from initially entering the cellphone market in 2009.

The CRTC had ruled that Wind wasn't Canadian owned and controlled because most of its debt was held by Egyptian-based Orascom. A federal Cabinet order overturned the CRTC decision, allowing Wind Mobile to launch its business.

Lacavera also still owns Toronto-based Globalive telecom company, which provides long distance service and services to small businesses.